Timothy Horan is a Managing Director at Oppenheimer & Co. Inc., heading the firm’s telecommunication services equity research team. He joined CIBC World Markets in 1998 and has been a communications services Analyst for 11 years. Mr. Horan researches a broad range of communications companies with a focus on data communications and the migration of the industry towards horizontal segmentation. He was chosen as by The Wall Street Journal as an “All-Star Analyst” in 2000, 2001 and 2002. Prior to 1998, Mr. Horan was a Research Analyst at Smith Barney, which was ranked number two among wireline services teams in the 1997 Greenwich Associates Institutional Survey, and a perennial winner of the Institutional Investor analyst survey. Prior to becoming an equity analyst, Mr. Horan worked as a civil engineer on various projects in the New York area. He received a Bachelor of Science degree in civil engineering from Rutgers University in 1986 and an MBA degree in finance, with Beta Gamma Sigma Honors, from Columbia Business School in 1994.